How Restaurant Owners Can Streamline their Accounting Systems

When it comes to running your own restaurant, you’ll quickly understand that nothing’s more important than your time. Every minute counts and time wasted equals revenue lost. So, when you talk about operational efficiencies in operating a restaurant, is there a strategy that can help you save time? Yes, there is – and that’s completely transitioning your accounting system to a streamlined and automated model.

Well, will that help? You see, by integrating an accounting software system, you’ll have the luxury to work on more critical aspects of your restaurant, managing your staff, ensuring quality, supervise your supply chain, etc.

But perhaps one of the greatest advantages of accounting automation is the fact that you’ll steer clear of human errors and frequent discrepancies. It’s going to help you seamlessly keep a bird’s eye view on all your expenses, accounts receivables, payment deadlines, supply chain ordering, payroll organization and scheduling, and much more.

Cloud-Based Accounting Systems to Upgrade your Point of Sale

Restaurants today rely on a diverse network of platforms to market and sell food. For example, most businesses have a streamlined online food ordering system to sell their products in-store as well as popular delivery channels such as Grub Hub and Uber Eats.

While both these platforms are effective ways to increasing your revenue and boosting your target audience, it’s quite important to understand that your room for error increases from a finance and accounting perspective. Monitoring total daily sales is going to be a nightmarish undertaking if you’re still utilizing a traditional system.

With a cloud-based Point of Sale (POS) accounting infrastructure, you’ll have the power to automate your business’ operational expenses, cash flow, and working capital. You’ll no longer need to rely on manual data entry, the software is going to take care of that for you.

Use a Restaurant Expenses Monitoring Software

Accurately managing your utility expenses and supplier invoices play an instrumental role in increasing your restaurant’s operational efficiency. Currently, a lot of restaurant and bar owners still use traditional means of inputting invoice records and bills, which often results in discrepancies and human error.

Thanks to the innovation in business finance software and with the advent of new web tools and applications, you can easily automate the import and export of critical data and information from both paper-based documents and digital templates. And you can do all that from your smartphone. 

Just scan the information on the physical invoice, make a digital copy and forward it to relevant email addresses. The automation software will help categorize the information and extract the necessary data itself. This is going to exponentially help save a lot of time and you’ll also be able to review everything to make sure the information is correct.

But perhaps the best benefit of an accounting automation software is the fact the information you use, and scan will all be saved in the cloud. You won’t have to physically store any documents. This in turn, will provide you with the opportunity to access information from anywhere in the world, at any time.

Vendor Payment Automation

Automating your restaurant’s invoices and bills has now given you a way to monitor all business transactions, knowing when exactly the next bill is due. By integrating an accounts payable software, you’ll be able to link your business account with the application. You can add various beneficiaries and vendor accounts to the software, input payment dates and amounts, and you’re golden!

Now when you see that a bill is due, the software will automatically prompt you to authorize the payment and directly deposit the amount in the vendor’s account. After the transaction is complete, it will then systematically add an entry as “bills paid”.

Accounts payable automation is the best and most seamless way to always be in control of your cash flow. In light of this, here are some added advantages:

• You’ll be able to save a lot of time, which is usually spent on monitoring uncashed checks
• You won’t have to worry about late payments
• No more long transaction processing time
• You’ll be able to quickly make foreign payments
• Automatic digital auditing of your finances

Digitize Your Timesheets to Streamline Your Payroll System

Staff management is a big issue for restaurant owners because of the seasonal nature of the business. You have to contend with supervising fulltime as well as part-time employees. You have to manage the total amount of shifts worked, which can make processing the payroll that much difficult. One of the best ways to steer clear of payroll nightmares is to use digital timesheets.

Modern restaurant accounting automation software come with digital employee scheduling features and timesheets, enabling workers to use the app to time-in and time-out digitally. You’ll be able to quickly view the amount of hours your employees have worked, allowing you to accurately populate information for every employee, ultimately streamlining their payroll.

Bottom Line

In all, using an accounting software for your restaurant business can be an excellent of saving time and achieving high operational efficiencies. In addition, you won’t have to worry about inaccurate financial data and will have the luxury of focusing on more critical day-to-day tasks associated with running a restaurant.